A trustee has significant fiduciary duties and you will be held to a very high standard of care in administering the trust if you accept the appointment. A trustee also risks possible exposure to personal liability. The duties of a trustee are:

• Read the trust document carefully, both when you first become the trustee and any time after that point should you have questions about your duties.
• Follow the directions set forth in the trust document.
• Keep all trust bank accounts and investments separate and avoid mixing trust assets with your own.
• If applicable, invest trust assets in a prudent manner that is calculated to result in reasonable growth and/or return with minimum risk, avoiding risky or speculative investments.
• Maintain clear and accurate records of the trust administration.
• Account to the trust beneficiaries as provided by law and in the trust.
• File tax returns and pay any taxes that are due.
• Treat all beneficiaries the same and avoid favoring one over another unless the trust authorizes you to do so.
• Avoid using the trust assets for your own benefit, unless the trust authorizes you, as the trustee, to do so.

There are other responsibilities and duties that fall to the trustee. If you have agreed to act as a trustee, our legal team can guide you through the administration process. We offer free consultations to help you understand what your next steps need to be.